Argentina’s football fan NFT token collapses after the World Cup
New York City: Fans who were unhappy by Argentina’s surprising defeat to Saudi Arabia 1:2 in the World Cup auctioned off their ARG tokens during the match. The match took place during Argentina’s surprise loss to Saudi Arabia.
Following Argentina’s heartbreaking defeat to Saudi Arabia by a score of 1:2 on November 23, 2022, in its first match of the FIFA World Cup 2022, the floor price of “The Saudis,” the NFT collection, increased by 15% to reach 0.28 ETH. The match was Argentina’s first game of the tournament. According to the statistics provided by CoinGecko, the price of the Argentina Football Association Fan Token ARG dropped by more than thirty percent, reaching a low of four dollars and fifty-six cents.
Because Saudi Arabia did not anticipate to win, there has been an unexpected rise in the trading volume of The Saudis NFT collection, which has led to a higher floor price.
According to OpenSea, the amount of money moved in a single day in Saudi Arabia increased by 1,065%. (19 ETH traded). The “kingdom” that is fueling the collection of 5,555 CryptoPunk adaptations of Arabian PFPs is Saudi Arabia, which also serves as a source of inspiration.
The victory against Argentina was one that was well earned, and the nation is going absolutely crazy with joy over it.
While for the losers, the Argentine Football Association Fan Token (ARG) is the one that has lost the greatest value out of all the fan tokens on Socios.com and Chiliz in the past day.
In spite of the fact that the FTX crisis caused damage to the entire cryptocurrency market and that other unfortunate events have occurred in the past few months for the cryptocurrency market, crypto doesn’t appear to be going anywhere, as the pricing of crypto is now determined by football matches, an essential cultural phenomenon that occurs all over the world.
In preparation of the next World Cup in 2022, the popularity of football fan tokens has remained pretty high. In the gaming world during this year’s World Cup, crypto tokens have grown more popular. It has been reported that the value of Chiliz (CHZ), the native token of the Chiliz blockchain that powers Socios.com, the largest platform for the creation of sports fan tokens, increased by 39% in the week leading up to the beginning of the competition because fans stoked a new wave of hype over their tokens. Socios.com is the platform that has the most users of any platform that creates sports fan tokens.
Tokens representing the national teams of Portugal, Spain, and Brazil have all been made available. On the other hand, considering that none of these teams has competed as of yet,
(POR), and Brazil (BFT) all fell following Monday and underperformed both bitcoin (BTC) and ether (ETH), which put an end to the fan enthusiasm in the cryptocurrency community.
On the other hand, it is anticipated that the pricing of fan tokens would ultimately change in response to the outcomes of the matches.
Even if the price of the Argentina Fan Token (ARG) decreased as a result of the team’s defeat in its first match of the group stage, it is still possible that purchasing the token will prove to be a wise investment, according to detractors of the (ARG) dip. There is still a potential that the Argentina squad would qualify for the finals, which would result in a rise in the price of the token.
To this day, the Argentine national football team is ranked third best in the world. Due to the fact that Saudi Arabia is only ranked as the 51st-best football team in the world, their victory against Argentina at the FIFA World Cup in Qatar was one of the most shocking results in the tournament’s whole history.